Billionaire Mukesh Ambani richest Indian for ninth year: Forbes

With $22.7 billion (Rs 151,477 crore) net worth, Reliance Industries Chairman Mukesh Ambani is the richest Indian for the ninth consecutive year, American business magazine Forbes India said on Thursday.

According to magazine Ambani, 59, who retains the top spot in the annual list of 100 richest Indian tycoons, saw his wealth increase to $22.7 billion from $18.9 billion last year as shares of Reliance Industries rose 21 percent over 12 months,

The oil-to-retail conglomerate launched its 4G phone service Jio early this month, offering free calls and internet data link till December 31.

Dilip Shangavi of drug major Sun Pharmaceutical Industries is the second-richest Indian with $16.9 billion net worth though his personal wealth declined $1.1 billion due to its share price dropping, while London-based Hinduja brothers, with a combined network of $15 billion in 2016 as against $14.8 billion in 2015, are third.

Forbes India Editor Sourav Majumdar said that This year’s list has seen a rise in the overall wealth of the country’s top 100 billionaires, in line with the movement of the markets.

Acharya Balkrishna (48, $2.5 billion) also makes his debut on the list, thanks to his 97 percent holding in the fast-growing consumer goods outfit Patanjali Ayurved, which he co-founded with yoga guru Baba Ramdev.